Matsa Resources Limited (AU:MAT)
ASX:MAT
Top Page
Matsa Resources Limited
(Sydney:MAT)
Select Model
Select Model
Rating:47Neutral
Price Target:
AU$0.09
▼(-26.67% Downside)
Action:ReiteratedDate:03/10/26
The score is held back primarily by weak and inconsistent operating performance (including zero reported revenue in 2025) and bearish technical conditions with the price below key moving averages. Offsetting factors include a stronger balance sheet and improved 2025 cash flow, but valuation (P/E ~31) remains hard to justify given the volatility in results.
Positive Factors
Balance-sheet strength and lower leverage
Material equity growth and a notably lower debt-to-equity ratio enhance financial flexibility. Stronger balance-sheet metrics reduce refinancing risk, improve bargaining power for farm-outs or JV terms, and provide a more durable runway to fund exploration or development over the next 2–6 months.
Negative Factors
Zero reported revenue in 2025
Zero reported revenue undermines the quality and predictability of reported profits; earnings could be driven by non-recurring gains, accounting items, or financing effects rather than core operational performance. This weakens confidence in repeatable cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance-sheet strength and lower leverage
Material equity growth and a notably lower debt-to-equity ratio enhance financial flexibility. Stronger balance-sheet metrics reduce refinancing risk, improve bargaining power for farm-outs or JV terms, and provide a more durable runway to fund exploration or development over the next 2–6 months.
Read all positive factors
Matsa Resources Limited (MAT) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$91.29M
Dividend YieldN/A
Average Volume (3M)3.02M
Price to Earnings (P/E)―
Beta (1Y)1.73
Revenue GrowthN/A
EPS GrowthN/A
CountryAU
Employees10
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-0.03
Shares Outstanding971,132,700
10 Day Avg. Volume2,824,082
30 Day Avg. Volume3,018,672
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)2.17
Price to Sales (P/S)0.00
P/FCF Ratio29.83
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Matsa Resources Limited Business Overview & Revenue Model
Company Description
Matsa Resources Limited engages in the exploration and development of mineral properties in Western Australia and Thailand. The company primarily explores for gold, nickel, copper, silver, lead, lithium, and base metals. Its flagship project is th...
How the Company Makes Money
Matsa Resources Limited primarily makes money through the mineral exploration value chain rather than ongoing product sales. Its potential revenue sources include: (1) asset monetisation—selling exploration tenements/projects outright or partially...
Matsa Resources Limited Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
63
Positive
Cash Flow
48
Neutral
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 11.73M | 0.00 | 0.00 | 0.00 | 0.00 | 8.05M |
| Gross Profit | -25.63M | -210.02K | -1.46K | -621.72K | -103.38K | -146.48K |
| EBITDA | -21.40M | 1.60M | -3.36K | -3.78M | -3.08M | 3.23M |
| Net Income | -22.65M | 1.43M | -4.60K | -819.00K | -6.03M | -9.65M |
Balance Sheet | ||||||
| Total Assets | 37.27M | 33.13M | 23.28M | 23.23M | 22.64M | 27.83M |
| Cash, Cash Equivalents and Short-Term Investments | 3.30M | 6.91M | 1.04M | 794.30K | 1.57M | 3.03M |
| Total Debt | 10.10M | 5.96M | 5.58M | 4.68M | 4.20M | 4.40M |
| Total Liabilities | 25.84M | 12.59M | 10.21M | 9.51M | 10.10M | 12.46M |
| Stockholders Equity | 11.35M | 20.46M | 12.99M | 13.64M | 12.47M | 15.29M |
Cash Flow | ||||||
| Free Cash Flow | -15.95M | 1.49M | -3.97M | -2.60M | -4.95M | -7.41M |
| Operating Cash Flow | -11.78M | 4.78M | -3.44M | -868.81K | -3.32M | -5.30M |
| Investing Cash Flow | -4.40M | -4.01M | -477.01K | -2.05M | -959.99K | -2.68M |
| Financing Cash Flow | 18.39M | 5.11M | 4.16M | 1.63M | 2.29M | 8.72M |
Matsa Resources Limited Technical Analysis
Neutral
0.12
Price Trends
0.11
Negative
0.12
Negative
0.10
Negative
Market Momentum
>-0.01
Negative
49.42
Neutral
79.17
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:MAT, the sentiment is Neutral. The current price of 0.12 is above the 20-day moving average (MA) of 0.09, above the 50-day MA of 0.11, and above the 200-day MA of 0.10, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 49.42 is Neutral, neither overbought nor oversold. The STOCH value of 79.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:MAT.
Matsa Resources Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
49 Neutral | AU$183.19M | -20.64 | -6.79% | ― | ― | 19.94% | |
47 Neutral | AU$91.29M | -1.12 | -142.42% | ― | ― | ― | |
45 Neutral | AU$216.83M | -26.94 | -5.45% | ― | ― | ― | |
42 Neutral | AU$38.60M | -0.74 | -302.41% | ― | -12.81% | 24.49% | |
42 Neutral | AU$51.58M | -2.60 | -50.09% | ― | 307.85% | -133.82% | |
42 Neutral | AU$28.98M | -3.61 | -49.57% | ― | ― | -39.53% |
* Basic Materials Sector Average
AU:MAT
Matsa Resources Limited
0.09
0.04
62.07%
AU:NXM
Nexus Minerals Ltd.
0.05
-0.03
-36.00%
AU:WCN
White Cliff Minerals Limited
0.02
>-0.01
-11.76%
AU:TSO
Tesoro Gold
1.03
0.61
145.24%
AU:AS1
Golden Rim Resources Ltd
0.14
0.08
159.62%
AU:VTX
Vertex Minerals Ltd.
0.18
-0.05
-20.00%
Matsa Resources Limited Corporate Events
Matsa Resources Issues New Shares Following Option Exercise
Mar 22, 2026
Matsa Resources Limited has confirmed the allotment of 122,640 fully paid ordinary shares following the exercise of unlisted options. The issuance has been completed in compliance with relevant sections of the Corporations Act, with the company st...
Matsa Resources Seeks ASX Quotation for Additional Ordinary Shares
Mar 22, 2026
Matsa Resources Limited has applied to the ASX for quotation of 122,640 new ordinary fully paid shares, to be issued on March 23, 2026. The modest size of this share issue suggests a routine capital or incentive-related action, with limited immedi...
Matsa Resources Refutes Report of Imminent Halt at Devon Gold Mine
Mar 17, 2026
Matsa Resources Limited has rejected claims in an ABC News online article that mining at its Devon Pit Gold Mine is about to cease due to fuel shortages, stating that operations are continuing and that ore deliveries to the FMR Greenfields process...
Matsa Requests Trading Halt Amid Fuel Shortage Speculation at Devon Pit
Mar 17, 2026
Matsa Resources Limited has requested a trading halt in its securities on the ASX pending an announcement addressing media speculation about potential fuel shortages affecting its Devon Pit Gold Project. Trading in Matsa shares will be paused unti...
Matsa Resources Files Interim Financial Report for Half-Year Ended 31 December 2025
Mar 16, 2026
Matsa Resources Limited has released its condensed consolidated interim financial report for the half-year ended 31 December 2025. The report package includes the directors’ report, auditor’s independence declaration, reviewed interim ...
Matsa Resources Issues Over 13.5 Million New Shares on Option Conversion
Mar 11, 2026
Matsa Resources Limited has confirmed the allotment of 13,522,552 fully paid ordinary shares following the exercise of unlisted options, increasing its issued capital base. The company stated that the shares were issued without a prospectus under ...
Matsa Resources Seeks ASX Quotation for 13.5 Million New Shares
Mar 11, 2026
Matsa Resources Limited has applied for quotation on the ASX of 13,522,552 new fully paid ordinary shares, to be issued on March 11, 2026. The additional securities arise from the exercise or conversion of existing options or other convertible ins...
Matsa Resources lifts gold output and sales on stronger Devon Pit campaign
Mar 9, 2026
Matsa Resources Limited has reported significantly improved results from its second processing campaign at the Devon Pit Gold Mine in Western Australia, delivering 4,074 ounces of gold from 51,562 dry tonnes of ore and generating $28.74 million in...
Matsa Confirms Issue of New Shares From Option Exercise
Feb 11, 2026
Matsa Resources Limited has confirmed the allotment of 281,554 fully paid ordinary shares following the exercise of unlisted options. The company stated that these shares were issued without a prospectus under the relevant Corporations Act provisi...
AngloGold Ashanti Starts Drilling on Matsa’s Lake Carey Tenement
Feb 3, 2026
AngloGold Ashanti Australia has begun a program of reverse circulation and diamond drilling on Matsa Resources’ M39/599 tenement at the Lake Carey Gold Project, under an existing tenement option agreement between the two companies. The campa...
Matsa Resources Issues Over 1.2 Million New Shares on Option Exercise
Feb 3, 2026
Matsa Resources Limited has confirmed the allotment of 1,200,570 fully paid ordinary shares following the exercise of unlisted options, increasing its issued capital base. The company stated that these shares were issued without a prospectus under...
Matsa Resources Options Lapse Without Exercise
Feb 3, 2026
Matsa Resources Limited has advised the ASX that 433,335 MATAR options, exercisable at $0.07 and expiring on 31 January 2026, have lapsed without being exercised. The expiry of these options slightly reduces the company’s pool of potential e...
Matsa Resources Seeks ASX Quotation for 1.2 Million New Shares
Feb 3, 2026
Matsa Resources Limited has applied to the ASX for quotation of 1,200,570 new fully paid ordinary shares, to be issued on 4 February 2026 under the company’s security code MAT. The additional securities, arising from the exercise or conversi...
Matsa Completes Second Gold Processing Campaign at Devon Pit and Accelerates Third
Feb 2, 2026
Matsa Resources Limited has completed its second processing campaign of ore from the Devon Pit Gold Mine, with 51,562 dry tonnes of ore processed over 19 days at the FMR Greenfields plant and 23 gold doré bars delivered to the Perth Mint for ...
Matsa Resources Director Increases Shareholding via Option Exercise
Feb 2, 2026
Matsa Resources has disclosed a change in director Pascal Blampain’s indirect interests in the company’s securities, following the exercise of unlisted options. Blampain converted 333,333 unlisted options, exercisable at $0.07 and expi...
Matsa Boosts Lake Carey Momentum With Strong Devon Gold Output and AngloGold Option Progress
Jan 30, 2026
Matsa Resources reported a solid December quarter driven by progress at its Lake Carey Gold Project, with planning underway for a new resource and exploration drilling program at Fortitude North to advance growth of the 949,000-ounce project. The ...
Matsa Resources Expands Share Capital Through Option Exercise
Jan 28, 2026
Matsa Resources Limited has issued 5,335,852 fully paid ordinary shares following the exercise of unlisted options, modestly expanding its share capital and providing additional funding flexibility. The company confirmed that the shares were issue...
Matsa Resources Seeks ASX Quotation for 5.3 Million New Shares
Jan 28, 2026
Matsa Resources Limited has applied for the quotation on the ASX of 5,335,852 new fully paid ordinary shares, issued on 28 January 2026, following the exercise of options or conversion of other securities. The additional listing of these shares mo...
Matsa Resources Issues New Shares for Loan Fee and Tenement Acquisition
Jan 22, 2026
Matsa Resources Limited has issued 550,000 fully paid ordinary shares as part of an annual loan facility fee under a December 2022 loan agreement with two parties and in connection with the acquisition of tenements. The new shares, detailed in a r...
Matsa Resources Seeks ASX Quotation for 550,000 New Shares
Jan 22, 2026
Matsa Resources Limited has applied to the ASX for quotation of 550,000 additional ordinary fully paid shares, with an issue date of 22 January 2026. The new securities, which stem from previously announced transactions, will increase the company&...
Matsa Director Paul Poli Increases Shareholding Through Option Exercise
Jan 20, 2026
Matsa Resources Limited has disclosed a change in director Paul Poli’s relevant interests in the company’s securities, reflecting the exercise of unlisted options into fully paid ordinary shares. On 20 January 2026, Poli converted 333,...
Matsa Resources Plans Placement of 550,000 New Shares
Jan 20, 2026
Matsa Resources Limited has lodged an Appendix 3B with the ASX detailing a proposed issue of up to 550,000 ordinary fully paid shares via a placement or similar capital-raising mechanism, with the issue date set for 21 January 2026. The modest sha...
Matsa Resources Director Andrew Chapman Trims Shareholding in On-Market Trade
Jan 20, 2026
Matsa Resources Limited has disclosed a change in director Andrew Chapman’s interests, with Chapman and his related entities selling 300,000 fully paid ordinary shares on-market on 14 and 15 January 2026 for total consideration of $42,500. F...
Matsa Resources Boosts Equity Base Through Option Exercise and Share Issue
Jan 20, 2026
Matsa Resources Limited has issued 2,010,925 new fully paid ordinary shares following the exercise of unlisted options, increasing its share capital without undertaking a formal disclosure process to investors under the Corporations Act. The compa...
Matsa Resources Seeks ASX Quotation for Over 2 Million New Shares
Jan 20, 2026
Matsa Resources Limited has lodged an application with the ASX for quotation of 2,010,925 new fully paid ordinary shares, issued on 20 January 2026 following the exercise or conversion of existing options or other convertible securities. The addit...
Matsa Resources Issues New Shares on Option Exercise, Confirms Compliance
Jan 13, 2026
Matsa Resources Limited has confirmed the allotment of 2,837,778 fully paid ordinary shares following the exercise of unlisted options, further expanding its issued capital base. The company stated that the new shares were issued without a prospec...
Matsa Resources Seeks ASX Quotation for 2.84 Million New Shares
Jan 13, 2026
Matsa Resources Limited has applied for quotation on the ASX of 2,837,778 new fully paid ordinary shares, to be issued on 14 January 2026 following the exercise or conversion of existing options or other convertible securities. The additional quot...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.